Regulatory Alerts2022-01-01
Circular No. 205 Criminal Modus Operandi
The Palestine Monetary Authority issued Circular No. 205 to alert banks to a criminal modus operandi involving impersonation of financial staff via social media to steal customer credentials and execute fraudulent transfers. The directive mandates banks to educate customers, establish fraud reporting channels, suspend compromised electronic services, and enforce strict mobile recharge limits of 100 NIS daily, 200 NIS weekly, and 300 NIS monthly. Additionally, banks must implement automated system controls to prevent unauthorized mobile number changes, monitor cross-branch transactions between the West Bank and Gaza, send SMS alerts for all account activities, and report compliance measures in writing to the AML-CFT department.
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